Im screwed.. Taxes...

[scottsee]

Fuck Me, I just used Taxcut software from H&R block.... I knew I was going to owe $$ this year.. Last year I wrote a check for $1200, so I've been dreading this year becasue I made more...

Fileing Single, $4000 in non-cash chartiable deduction, and will owe $2300.... FUCK

[blk_srt]

Damn that sucks, I got only got $60 back but I guess I only made minimum

[Thor06]

Damn. Last year I made a little over 1.5 times one of my friends and they got a pretty nice refund, around $400. I get all excited for mine because I had so much more taken out and I thought I would get it all back like he did. I got like $225 back. What a great tax system .

[blk_srt]

My buddy made like 4 times what I did and hes getting $2200 back and his girlfriend made twice what he did and shes getting $70 lol, damn tax brackets

[Blackcrow64]

I don't understand how that shit works... What makes it vary so much?

[DragonofBC]

It all depends on tax bracketing. I'm an accountant so I can give you guys advice if you want. If you send me PMs, I can try to offer advice on a 1 by 1 basis. I'm sure you guys don't want your tax info put up all over the internet.

Make sure, those of you in school, that you are a) claiming any tuition paid as a deduction b) claiming any interest payments. Most times it's wise to let your parents claim you as a dependent if you can.

I'm getting >$2000 back

[blk_srt]

I have the advantage of my stepdad being an accountant (not that it helped me any )

[Thor06]

What are the tax brackets?

[Blackcrow64]

Wait... So since I was in college last year and paying for my classes, then I graduated in September, I can use everything up to September as a deductable?...

I hope I get a ton of money back to finish the Talon! lol

[EDMUND65]

i got 411 back and i hardly worked 5 months...

[DragonofBC]

Originally Posted by Blackcrow64

Wait... So since I was in college last year and paying for my classes, then I graduated in September, I can use everything up to September as a deductable?...

I hope I get a ton of money back to finish the Talon! lol

You should have gotten something from the school telling you what to claim. You can claim any tuition (not room, board, or books) on your tax return.

To explain tax brackets: Our tax system is a progressive tax system. That means, the more money you make, the more you get taxed. I don't remember the exact brackets offhhand but if you make something like up to $24,000, you get taxed at 15% whereas if you make like $129,000 you get taxed at 35%.

The reason that a lot of people get screwed on taxes is that you get bumped into a higher tax bracket toward the end of the year. Typically, you get your state and federal taxes withheld from your pay each paycheck. The taxes that get taken out are calculated to cover your federal taxable amount at the end of the year. If you start the year in a lower tax bracket and end in a higher tax bracket, the taxes that were taken out during the year when you were in a lower bracket aren't sufficient to pay the higher tax that you owe. Therefore...you owe taxes. The trick to taxes is to know if you are earning enough money to be on the borderline of a tax threshold and make sure to defer any income that will put you over to the next year.

[Blackcrow64]

Ohhh thats sweet. So since I worked a part time job and made practically no money, but yet spent a ton on my schooling (I didn't have to pay for room and board and all that stuff) then in theory I should get a lot back... If I'm understanding correctly. Wow... Now I'm really excited. lol

[AbsoluteGTR]

ummmm. I havent even filed yet. How much is it when I go to H&R Block?

I am just 18 years old, so my taxes (I would assume) should be very easy.

[Talon69]

I went to h&r block and they charged me $180 to get it the next day. I got $3200 back this year and made more than last year . And i only make $16 and hour. Oh i also i have my beautiful daughter to claim, single head of household.

[scottsee]

Fuck all ye'all...